Advice on Crypto-Assets: Where the Regulated Service Begins

What ESMA’s Q&A 2882 and the AMF’s DOC-2006-23 position mean for financial investment advisers, introducers, comparison sites and CASPs

By Cécile Henry, Compliance Expert & Regulatory Partner, Scorechain, September 2026

Under MiCA, a personalised recommendation may constitute advice on crypto-assets when it relates to a transaction in crypto-assets, but also when it relates to the use of a crypto-asset service. A simple introduction may cross the line into advice, depending on the context. This brief reviews ESMA’s position and its transposition into French regulatory guidance. It then sets out the controls that financial investment advisers (conseillers en investissements financiers, or CIFs), introducers, comparison sites and crypto-asset service providers (CASPs) must document before launching a referral or advice journey.

How the MiCA Regulation Defines Advice on Crypto-Assets

On 18 June 2026, the European Securities and Markets Authority (ESMA) published Q&A 2882 to clarify the scope of advice on crypto-assets under the MiCA Regulation. On 27 July 2026, the French Autorité des marchés financiers (AMF) incorporated that analysis into its DOC-2006-23 position on financial investment advisers. These texts do not add a new category of obligations: the Q&A explains how existing provisions apply, while the French guidance sets out their practical consequences for CIFs.

Article 3(1)(24) of MiCA defines advice on crypto-assets as offering, giving or agreeing to give personalised recommendations to a client. The recommendation can be made at the client’s request or on the provider’s initiative, and it covers one or more transactions relating to crypto-assets or the use of crypto-asset services. The subject matter of advice is twofold: the transaction and the service.

The difference from MiFID II in the field of investment advice, as applied until now in what is usually called traditional finance, is substantial. Investment advice within the meaning of Article 4(1)(4) of MiFID II covers personalised recommendations in respect of transactions relating to financial instruments. MiCA expressly provides for the use of crypto-asset services. That is why ESMA considers that the MiCA perimeter should be read more broadly.

Why This Clarification Matters

In a commercial journey, the line is no longer crossed only when a professional recommends buying, holding, or selling a particular token. It may be crossed earlier: when a portfolio management service is selected, when a client is steered towards an execution solution, or when a provider is presented as suited to a client’s profile. The vocabulary used by the firm (“introduction”, “comparison”, “support” or “information”) is not enough to rule out the characterisation. The circumstances and the substance of the exchange remain decisive.

ESMA’s Five-Question Test

Q&A 2882 sets out five cumulative criteria to examine. This test applies to human interactions and digital journeys alike, including where no particular transaction is yet being recommended:

• Is there a recommendation? Factual information must be distinguished from guidance or a suggested course of action.
• What does it relate to? To one or more transactions relating to crypto-assets, or to the use of crypto-asset services.
• Is it personalised? It is presented as suitable for the person, or as based on that person’s personal circumstances.
• How is it distributed? Individualised communication, or communication reserved for a targeted group rather than issued exclusively to the public, calls for particular scrutiny.
• Who is it addressed to? A person in their capacity as an investor or potential investor, or that person’s agent.

The prior collection of data (objectives, experience, wealth, risk tolerance or preferences) can weigh heavily in the analysis. If a proposal is generated from that information, it will more readily be seen as personalised. ESMA’s guidelines on suitability also make the point that a provider remains responsible for the characterisation and the actual operation of its service. A contractual disclaimer does not, on its own, neutralise a service that in substance displays the characteristics of advice.

When Introducing Business Becomes Advice

According to ESMA, an introduction service that recommends a crypto-asset service to a potential investor, whether or not it recommends a particular CASP, may constitute advice, even in the absence of any recommendation on a specific transaction. The outcome depends on the circumstances. Conversely, simply listing a CASP, without further indication and in a manner equally accessible to all potential investors, should not constitute a recommendation.

A Word on Tied Agents

ESMA’s Q&A 2143 clarifies that MiCA makes no provision for a tied agent regime. A CASP therefore cannot appoint an unauthorised third party to receive and transmit orders or to provide advice on its behalf; the entity that actually performs these services must hold the required status.

French Guidance: What CIF Status Allows, and What It Does Not

The AMF states expressly that financial investment advice provided under CIF status covers financial instruments, investment services and transactions in miscellaneous assets, but not crypto-assets or crypto-asset services. A CIF wishing to provide advice on crypto-assets must obtain CASP authorisation, and the AMF adds that CIFs are not eligible for the CASP notification procedure. The AMF specifies that an authorisation limited to advice alone remains subject to the applicable requirements, implemented in a manner proportionate to the nature, scale and complexity of the services envisaged.

This analysis does not concern crypto-assets that qualify as financial instruments. For those, the relevant regime remains, in particular, that of MiFID II. The legal characterisation of the asset must therefore precede the analysis of the status required.

Examples Given by the AMF

The following are examples of advice on crypto-assets:

• a personalised recommendation to buy, hold or sell one or more identified crypto-assets, including where access is through a decentralised system;
• a personalised recommendation on whether or not to use a particular crypto-asset service, for example a portfolio management service provided by an identified CASP.

The AMF also describes several communications which, under the conditions stated, do not constitute advice on crypto-assets:

• general educational information on crypto-assets or crypto-asset services;
• non-personalised information, whether free or paid for, intended for the public, such as a marketing communication or a general analysis;
• referral to the AMF’s whitelist of authorised providers;
• simply informing a prospect that a CASP exists, before any wealth review or collection of personal information;
• a generic range for the share of a client’s wealth exposed to crypto-assets, with no identified asset or service;
• a recommendation on a financial instrument exposed to crypto-assets: this remains within the scope of investment advice, subject to the rules applicable to that instrument.

The AMF sets a disclosure rule for individual communications not characterised as advice, except for recommendations on a financial instrument. The CIF must state that it is not authorised to provide personalised recommendations on crypto-assets or crypto-asset services, and refer to the AMF’s whitelist. Where a CASP belongs to the same group, the nature of that link must also be clearly disclosed. The list of situations provided by the AMF is not exhaustive: each case must be examined on its own facts.

Heightened Vigilance for CIFs

CIF status may give the client the impression that a referral to a CASP already results from a review of their circumstances. The risk increases if the CIF holds the client’s wealth data or provides investment advice alongside. Separating the journeys, the data used, the sales scripts and the documents given to the client becomes a matter of characterisation as well as presentation.

If the Service Is Advice: The Requirements of Article 81 of MiCA

Advice on crypto-assets requires more than authorisation. Article 81 requires the CASP to carry out a proper suitability assessment. It must obtain the necessary information on the client’s knowledge and experience, their objectives, including their risk tolerance, and their financial situation, such as their ability to bear losses. It must also check that the client understands the risks involved in acquiring and holding crypto-assets. In addition, the CASP must:

• inform the client whether the advice is based on a broad or a more restricted analysis, in particular where the selection is limited by legal or economic links;
• state, where the advice is provided on an independent basis, that the analysis covers a sufficiently diverse range and is not limited mainly to the assets of entities closely linked to the provider;
• disclose the associated costs and charges and manage any remuneration or benefits received from third parties in accordance with Article 81;
• employ people with the necessary knowledge and competence;
• refrain from recommending where the required information is not obtained or where the product or service is not suitable;
• warn of volatility, the possibility of partial or total loss, potential illiquidity and, where applicable, the absence of cover from investor compensation or deposit guarantee schemes;
• provide a suitability report setting out the advice given and how it meets the client’s preferences, objectives and other characteristics;
• review the assessment at least every two years after the initial assessment.

The Role of Scorechain

Scorechain’s tools provide on-chain risk data that a regulated firm can use in its own controls. Digital Asset Intelligence provides indicators at asset level, including holdings, exposure and activity, to inform compliance and listing decisions. Wallet & Transaction Screening provides risk context on an address from on-chain risk indicators, such as exposure to sanctions, illicit activity or high-risk counterparties. This information can support product due diligence, the rationale for an asset selection, onboarding controls and ongoing monitoring. It does not replace the suitability assessment that Article 81 of MiCA requires for advice.

Why the Label No Longer Decides Advice on Crypto-Assets

Q&A 2882 and the AMF’s guidance shift attention from the name given to a service to its reality. An introduction, a ranking, or a suggestion can become advice on crypto-assets when it amounts to a personalised recommendation on a transaction or the use of a service. For CIFs, existing status is not enough: advice on crypto-assets requires CASP authorisation, unless the object of the recommendation is a financial instrument falling within the MiFID II framework.

To see asset-level and address-level risk context for a service you refer clients to, book a demo with the Scorechain team.

Frequently Asked Questions

Does a Link to a CASP Always Constitute Advice?

No. A reference to, for example, an official list provided by the regulators, with no further detail and accessible in the same way to all potential investors, should not constitute a recommendation. On the other hand, the personalised selection or presentation of a service may constitute advice, depending on the circumstances.

Can a CIF Recommend a Generic Allocation to Crypto-Assets?

The AMF gives as an example, outside the scope of advice on crypto-assets, a range of wealth exposure that recommends neither an identified crypto-asset nor a crypto-asset service. Under the conditions specified by the AMF, the CIF must state that it is not authorised to provide personalised recommendations on those assets or services and refer the client to the AMF’s whitelist.

Can an Automated Tool or a Chatbot Provide Advice?

Yes, if the way it operates meets the criteria for advice. Automation does not change the characterisation: what matters is the data used, the personalisation of the response and the way the service is presented. ESMA’s guidelines also provide for specific disclosures relating to automated advice.